Italy’s private equity weekly roundup. News from Carlyle, KKR, Sixth Street Partners, Permira, Ferretti, CVC, 21 Investimenti, FII sgr and more

Nasdaq-listed private equity Carlyle acquired Dainese, an Italian iconic producer of motorbike suits and clothes for dynamic sports, from Investcorp and the founder Lino Dainese for 630 million euros (see here a previous post by BeBeez). Cristiano Silei will keep his ceo role. The Antitrust Authority must give its approval for closing the deal. Lazard acted as sell-side advisor as BeBeez previously reported in December 2021. Dainese has sales of 178 million, an ebitda of 25.3 million and a net financial debt of 18 million, and net profits of 13 million. Investcorp acquired 80% of Dainese in November 2014 on the ground of an enterprise value of 130 million while the founder kept a 20%. In November 2021, a fund that Investcorp and Coller Capital manage took over the asset through a GP-led secondary transaction. Dainese previously attracted the interest of Ardian, L-Catterton, Permira, Charterhouse, and Eurazeo.  

On 14 March, Monday, the board of directors of Milan-listed TIM agreed to carry on the buyout negotiations with KKR (see here a previous post by BeBeez). The private equity giant reportedly tabled a delisting cash offer of 50.5 Euro cents per share or in the region of 11 billion euros for the Italian tmt company. TIM’s advisors are Mediobanca, Vitale, Goldman Sachs, and LionTree. TIM’s shareholders Kairos and Norges reportedly wanted to start talks with KKR. Paris-listed Vivendi owns 23.05% of the Italian company and its stake has a book value of 728 million.  

Sixth Street Partners acquired 49% of Enipower, a subsidiary of Milan-listed Eni (see here a previous post by BeBeez). JPMorgan handled the sale of this stake in Sixth Street Partners that is worth 550-600 million euros according to press rumours (1.2 billion enterprise value). The asset attracted the interest of BlackRock and EIG Global Energy. Enipower has sales of 453 million, operative profits of 126 million, net profits of 106 million, and a net financial debt of 350 million. Eni will invest the raised proceeds in implementing its energy transition, cfo Francesco Gattei said.  

 Italian iconic yacht producer Ferretti, part of Chinese conglomerate Weichai, is carrying on a pre-marketing procedure for an IPO on Hong Kong market through the launch of a 300 million HK Dollars capital increase and ahead of a listing of a 25% stake on the ground of an enterprise value of 1 billion (See here a previous post by BeBeez). In 3Q21, Ferretti generated net profits of 32 million euros (5.7 million yoy). In 2020, the company’s ebitda amounted to 53 million.  

CVC acquired Italian insurtech RGI from Corsair Capital who hired Arma Partners as advisor (see here a previous post by BeBeez). The enterprise value of the target is in the region of 500 million euros. In 2009, 21 Investimenti and Quadrivio delisted RGI from Milan market. In 2014 Ardian acquired 72% of the business for an enterprise value of 80 million while the founder Paolo Benini and the managers kept 28%. Corsair Capital acquired RGI in 2017 for an enterprise value of 125 million. The company has sales of 102.4 million with an ebitda of 20.7 million and a net debt of above 106 million.  

Italian fashion brand Golden Goose (GG), a porfolio company of Permira in which Carlyle invested, is holding talks with potential advisors for the launch of an ipo on New York stock market, Unquote wrote, even if a spokepersone from the company denied any real talk with banks  (see here a previous post by BeBeez). Permira had acquired 83% of GG from Carlyle in 2020 on the ground of an enterprise value of 1.28 billion euros (13X the expected ebitda of 100 million for 2020). In 2020, Golden Goose generated sales of 265.9 million, an adjusted ebitda of 69.3 million and a financial debt of 593.7 million (including a 470 million bridge financing for the buyout, 25 million of a revolving line and leasing facilities). Carlyle and DVR Capital have a minority of GG, while the management owns 8%.  

Advent International, Bain Capital and Clessidra sold their 7.65% stake of BFF Banking Group through an Accelerated Book-Building procedure and fetched about 85 million euros (see here a previous post by BeBeez). The three private equity funds owned their stake as a consequence of their sale of  DepoBank to BFF last year. BFF’s listed equity amounts to 80% and the management owns 5.7% for a market capitalization of 1.13 billion euros.  

Private equity 21 Investimenti sold Italian packaging company Carton Pack to London’s A&M Capital Europe (see here a previous post by BeBeez). Vitale&Co and William Blair acted as sell side financial advisors. Carton Pack has sales of 88.2 million euros, an ebitda of 12.45 million and a net financial debt of 16.5 million. 

Crippa, an Italian industrial automation company that since 2020 belongs to club deal Astraco, acquired SMI – Sistemi Meccanici Industriali  from Giuseppe Faurlin, Sergio Campeotto and their families (see here a previous post by BeBeez). Illimity Bank financed the buyers. Crippa has sales of 29.1 million euros, an ebitda of 5.2 million and net cash of 10.9 million and after such a transaction aims to generate revenues of 50 million with an ebitda of 20 million. 

 A club deal that WindeX Investment Club led acquired Messersì, an Italian producer of mining crawler dumpers, from Finsei Partecipazioni, Marche Capital and former chairman Valerio Fedeli (see here a previous post by BeBeez). Milan-listed Banca IFIS financed WindeX, a vehicle that Rolando Benedick (chairman) and Domenico Sibilio (ceo) launched in 2021 and raised 20 million euros. Six Swiss investors and an Italian committed to invest a further 30 million in the platform. Messersi appointed Sibilio as chairman and Marco Vignaroli as ceo. The company has sales of 35 million (90% abroad) with a 6.5 million ebitda.  

 Beretta, the iconic Italian brand of weapons, acquired Swiss bullets producer RUAG Ammotec (See here a previous post by BeBeez). Press rumours say that the transaction is worth 400 million euros and that Beretta paid the asset with its own resources and loans. 

 Epta, an Italian producer of commercial refrigerator that Marco Nocivelli heads, generated sales of 1.2 billion euros in 2021 (see here a previous post by BeBeez). The company’s adjusted ebitda amounts to 136 million or 11.4% margin (8.1% in 2020) while net debt is of 58 million (81 million yoy) for a net debt /adjusted Ebitda of 0.4. Epta aims to list on Milan market by the end of 2022. The company belongs to the Nocivelli Family (80%) and the Triglio Godino Family (20%) and is holding talks with banks for the launch of an IPO.  

 The board of directors of Fondo Italiano d’Investimento (FII) announced new committements for its fund of Italian private equity funds, FOF Private Equity Italia, reached 341.6 million euros (spread over 11 investments) while new committments for its fund of private debt funds, FOF Private Debt Italia, reached 214.7 million euros (spread over 5 investments) for FOF Private Debt Italia (see here a previous post by BeBeez). New committments are related to Clessidra Private Debt Fund, Clessidra Private Equity and NB Aurora Co–Investment Fund. 

Nijhuis Saur Industries (NSI), a water treatment company that belongs to Swedish private equity EQT, carried on a strategic investment in Italian competitor Sodai (see here a previous post by BeBeez). The company belongs to Angelo Chiesa (70%) and Mariantonia Grossi (30%). Press rumours say that EQT hired Rothschild for selling NSI on the ground of an enterprise value of 3 billion euros. Marzia Chiesa is the ceo of Sodai who owns German Rochem and has sales of 14.5 million, an ebitda of 1.6 million and a net financial debt of 3.5 million.  

Claudio Costamagna resigned from his role as chairman of Milan-listed Spac Revo and director of Elba Assicurazioni the firm with which the vehicle carried on a business combination (see here a previous post by BeBeez). Mr. Costamagna made such a decision as Francesco Gaetano Caltagirone (who is a shareholder in Generali through VM 2006 srl) appointed the manager as chairman for the list of directors of Milan-listed insurer Generali to be presented to the Shareholders General Meeting in order to renew the Board for a new mandate till FT Statements 2024 will be approved. The list is a competitor to the other list of Board members presented by the actual BoD, which proposes ad chairman Andrea Sironi, former dean of the Bocconi University of Milan. Mr.  Costamagna launched Revo with Alberto Minali (former ceo of Cattolica Assicurazioni) and raised 220 million euros (above the 200 million target) from Vittoria Assicurazioni, Fondazione Cariverona and Scor Reinsurance Group. The spac acquired Elba Assicurazioni for 163.9 million from Roberto Checconi (25%), Francesco Micheli (22%).  

 Milan-listed First Capital, an investor in PIPE (Private Investments in Public Equity) and private equity transaction,subscribed part of the 90 million euros capital increase that Milan-listed cybersecurity company CY4gate launched (see here a previous post by BeBeez). First Capital currently owns 4.5% of CY4gate after having invested 4 million. The company also belongs to Elettronica (38.4% – after having subscribed the capital increase for 10 million), TEC Cyber, the club deal that Mediobanca and Stefano Ferraresi launched (16.2% – subscribed 40 million) si attesta al 16,2%. Foreign and domestic Institutional investors subscribed 40 million of the capital increase through an ABB (Accelerated Book Building) procedure. CY4Gate will reportedly invest such resources in the acquisition of RCS Lab, an Italian forensic intelligence and data analysis company that has an enterprise value of 90 million. The buyer may pay a further earn-out of up to 15 million in 2023.  

 Palladio Holding and Hoop Capital acquired 4.8% of Milan-listed Tesmec, a provider of integrated solutions for the construction of transport, energy, data, and material infrastructures through the club deal Fenice (see here a previous post by BeBeez). In 2020, Palladio acquired 2.1% of Tesmec through the subscription of a capital increase. Hoop Capital is a club deal consultancy firm that Antongiulio Marti and Armando Strofaldi founded in 2020. Tesmec has sales of 194.3 million euros, an ebitda of 28.1 million and a net financial debt of 121 million.